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As simple as possible: 00 level trading

  • #12,841
  • Jul 23, 2014 10:05am Jul 23, 2014 10:05am
Quoting Masterrmind
{quote} Maybe this was meant to be a "creative" debate.........haha With that I'm off to sleep. Will not trade Asian session tomorrow...... off for a long day out! Good Trading! Masterrmind...........
sweet dreams

Udine
Sleep less, live fast, as it aint gonna last
  • #12,842
  • Jul 23, 2014 10:08am Jul 23, 2014 10:08am
Quoting driven18
{quote} Lrt.Ita, I am trading Live and been doing it for the last 2 years, so speaking from experience. I am being very generous when I say 30-40% difference. Just because you have asked, I am going to give you only one and basic point on it. Once you get into the rut, i e few days of losses, the hole is so very very deep to come out off, 90% of the traders switching to Live trading will never come out.
I'm used to approach things with a rational and mathematical view and I find the scene you described quite hard to appear with a strategy like this used by a mentally trained trader.
Since I'm trading WUKAR from a little more than a month i am a total newbie operating in the most difficult and dead market of the last 3 years (extremely low volatility).
I'm probably in the worst situation possible in terms of experience and markets and despite of that I'm managing losses quite well (and being in profit).
Some days of hard losses with a strategy like this in my opinion will occur only when trading irrationally and with greed..
A week of bad luck could happen even to a pro, but he knows how to manage the situation and limit the damage..
Let's say you lose 4% continuously for 5 days (worst scenario i can imagine here if trading rationally), that would be a loss of 15% on the total capital (150$ on a little 1k account). If someone is scared by losing the 15% it is really better for him not to trade.

Just my opinion..


Lrt
"Every battle is won before it's fought."
  • #12,843
  • Jul 23, 2014 10:14am Jul 23, 2014 10:14am
Bonus for today EJ > TP

Today 4 wins / 1 loss
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  • #12,844
  • Jul 23, 2014 10:15am Jul 23, 2014 10:15am
EURJPY more bonus
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Donde hay Patron no manda Marinero
  • #12,845
  • Jul 23, 2014 10:18am Jul 23, 2014 10:18am
EJ to TP

Udine
Attached Image
Sleep less, live fast, as it aint gonna last
  • #12,846
  • Jul 23, 2014 10:19am Jul 23, 2014 10:19am
EJ to TP
Last trade for me in NY. See you guys tomorrow in Tokyo session...
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  • #12,847
  • Jul 23, 2014 10:20am Jul 23, 2014 10:20am
EJ -- TP
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  • #12,848
  • Jul 23, 2014 10:21am Jul 23, 2014 10:21am
EJ +5

GJ was still below DO line, but there was a nice move up on both pairs the last two hours.
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  • #12,849
  • Jul 23, 2014 10:22am Jul 23, 2014 10:22am
Quoting Lrt.Ita
{quote} I'm used to approach things with a rational and mathematical view and I find the scene you described quite hard to appear with a strategy like this used by a mentally trained trader. Since I'm trading WUKAR from a little more than a month i am a total newbie operating in the most difficult and dead market of the last 3 years (extremely low volatility). I'm probably in the worst situation possible in terms of experience and markets and despite of that I'm managing losses quite well (and being in profit). Some days of hard losses with a strategy...
4% continuously for 5 days is 20% of the account


Lrt.Ita, I did not want to go there, Udine, excuse me...

Strategy calls for max 4 losses at 2% per day...if you have 2 loosing days which is not rare at all and I had many of them despite being successful and with large account, ...you will constantly have this in your head 16% in 2 days...what if I have another one like that, triple thinking yourself, etc....it is just a human nature...well, start trading Live and I wish you all of the success in the world...
  • #12,850
  • Jul 23, 2014 10:23am Jul 23, 2014 10:23am
A long day but finally I got the pips. Although Im not accordingly to the rules with the GBP but I have no other choice.

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Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #12,851
  • Jul 23, 2014 10:25am Jul 23, 2014 10:25am
Quoting JibalaPasan
A long day but finally I got the pips. Although Im not accordingly to the rules with the GBP but I have no other choice. {image} {image} {image} {image} {image} Jibala
i am only glad it worked out for you ..

Udine
Sleep less, live fast, as it aint gonna last
  • #12,852
  • Jul 23, 2014 10:42am Jul 23, 2014 10:42am
GJ SL= -10.
Mistake #2 today: Entry at the open of 1H candle=00 level.
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Look for reasons not to take a trade.
  • #12,853
  • Jul 23, 2014 10:43am Jul 23, 2014 10:43am
NZDUSD Close Manual 4.6 PIPS, due chart M1.
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Donde hay Patron no manda Marinero
  • #12,854
  • Jul 23, 2014 10:46am Jul 23, 2014 10:46am
Quoting overseaz
GJ SL= -10. Mistake #2 today: Entry at the open of 1H candle=00 level. {image}

you went long ??

Udine
Sleep less, live fast, as it aint gonna last
  • #12,855
  • Jul 23, 2014 10:48am Jul 23, 2014 10:48am
GBPJPY 5 PIPS
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Donde hay Patron no manda Marinero
  • #12,856
  • Jul 23, 2014 11:01am Jul 23, 2014 11:01am
Quoting driven18
{quote} 4% continuously for 5 days is 20% of the account Lrt.Ita, I did not want to go there, Udine, excuse me... Strategy calls for max 4 losses at 2% per day...if you have 2 loosing days which is not rare at all and I had many of them despite being successful and with large account, ...you will constantly have this in your head 16% in 2 days...what if I have another one like that, triple thinking yourself, etc....it is just a human nature...well, start trading Live and I wish you all of the success in the world...
Yep strategy says 4 but i would stop after the second.
Anyways, after every loss the lot size used decreases, so the total loss would be minor than 20%.
To lose the 50% of the capital you need a run of 35 SL 2% each..
I think it was clear what I was meaning with the example, nothing more to say.

Thanks for the wishes, stay green.

Lrt
"Every battle is won before it's fought."
  • #12,857
  • Jul 23, 2014 11:03am Jul 23, 2014 11:03am
no more trading today..

results:

today +4 %
week +7 %

Udine
Sleep less, live fast, as it aint gonna last
  • #12,858
  • Jul 23, 2014 11:04am Jul 23, 2014 11:04am
ok guys/girls,

I am out of here

stay green

Udine
Sleep less, live fast, as it aint gonna last
  • #12,859
  • Jul 23, 2014 11:04am Jul 23, 2014 11:04am
Thank you guys, I'm happy to be a part of this great and successful team! Speak again tomorrow. Gud night!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #12,860
  • Jul 23, 2014 11:05am Jul 23, 2014 11:05am
Looks like we all got the EJ long after it flopped to long - nice -

Anyway, I'm done with NY for sure by this time. See you all later -
Small disciplines repeated with consistency lead to great achievements.
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